Rupee tanks 54 paise to all-time low of 77.44/$

Investors’ wealth tumbled over Rs 7.73 lakh crore as markets extended their downtrend for the second straight session

MUMBAI: The rupee extended its losses and slumped 54 paise to close at a record low of 77.44 against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows.

Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.

At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.44, down 54 paise over its previous close. During the trading session, the rupee touched its lifetime low of 77.52.

During the trading session, the rupee touched its lifetime low of 77.52. On Friday, the rupee had slumped 55 paise to close at 76.90. In the last two trading sessions, the rupee has lost 115 paise against the greenback.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.33 per cent higher at 104, tracking rising US yields amid fears about higher interest rates.

Meanwhile, investors’ wealth tumbled over Rs 7.73 lakh crore as markets extended their downtrend for the second straight session on Monday following weakness in global equities.

The 30-share BSE Sensex settled 364.91 points or 0.67 per cent lower at 54,470.67 on Monday. The Sensex dived 866.65 points or 1.56 per cent to finish at 54,835.58 on Friday.

Similarly, the NSE Nifty tumbled 109.40 points or 0.67 per cent to end at 16,301.85.

The two-day slump in equities eroded Rs 7,73,582.29 crore from the market capitalisation of BSE-listed firms, which now stands at Rs 2,51,91,307.08 crore.

RIL was the top drag on the Sensex pack on Monday, dropping 3.97 per cent, after Q4 earnings failed to cheer investors.

The two-day slump in equities eroded Rs 7,73,582.29 crore from the market capitalisation of BSE-listed firms, which now stands at Rs 2,51,91,307.08 crore